Flat6Labs plans to reach second financial close on EGP 100 mn fund this year

Flat6Labs is planning to close on its EGP 100 mn Flat6Labs Accelerator Company (FAC) fund by year’s end, which will allow it to accelerate more than 100 Egyptian early stage startups over the next five years, says Managing Partner Marie-Therese Fam. The fund had reached its first EGP 50 mn closing last year, and plans to add another EGP 50 mn by the end of 2018 to bring the total funding to EGP 100 mn. Flat6Labs is currently in talks with banks and financing institutions in Egypt and across the Middle East to secure the additional funding needed, according to Fam.